Apply for a loan
About applying for a loan
Square Loans provide access to funds to help you grow your business. Because each individual business is unique, eligible Square sellers are extended loan offers that are personally tailored and customised. Square loans can be used to increase inventory, buy equipment, hire more employees or whatever you need to help your business grow and succeed.
Before you begin
Square Loans offers are based on a variety of factors related to your business, including payment processing volume, account history and payment frequency. Accounts are reviewed on a daily basis and you’ll be notified if your business is eligible.
Applications generally take 1-2 business days to review. However, review may take longer if additional information is requested. You’ll be notified via email for application status updates or if additional information is needed.
Once a loan application is approved, you’ll receive funds in your linked bank account in 1-3 business days, depending on your bank’s processing speed.
Applying for a Square loan doesn’t affect your credit score and we don’t provide credit references. We can provide a letter of completion after full repayment of your loan, but you won’t see an impact on your credit score.
Once you’ve repaid your first loan, you may become eligible for additional loan offers. If you are eligible for another loan, you’ll follow the same process to accept and pay back your loan.
Square doesn’t require collateral for business loans of $75,000 or less, and we never require a personal guarantee.
Apply for a loan
Sign in to Square Dashboard and go to Money > Loans to view your loan offer. You may also see an offer on the Home Page and select See your offer.
Click and drag the slider bar to select the loan amount that’s right for your business. As you slide across different loan amounts, the fee and hold rate will adjust accordingly. The lower the loan offer size you select, the lower the percentage of daily card sales are used to repay your loan.
Complete the application. We may ask you to provide more information about your business for identity verification purposes. If your business details have changed or are incorrect, please contact us.
Review and select I accept to submit your application and accept the terms of your loan.
All loan applications are subject to credit review. Once you’ve submitted your application, your request is sent over to our team for review. If additional information is requested from you during the review process, you’ll be notified in your Square Dashboard and via email. We will notify you via email when there is a status update on your application.
Download your loan agreement
Sign in to Square Dashboard and go to Money > Loans .
Click the three dots on the top right corner of your plan details.
Select Download loan agreement.
A PDF of the loan agreement will open in a new tab within your browser.
Review loan collateral details
We do not require collateral for loan amounts of $75,000 or less. For loan amounts over $75,000, we take a security interest in your business assets and file a secured interest on the Personal Property Securities Register (PPSR).
A security interest filing is a publicly available record that provides notice of a security interest in certain property of a debtor. Security interests are filed on the Personal Property Securities Register (PPSR), and can be filed for several reasons. For example, Secured Interests are sometimes filed when a lender makes a secured loan to a business.
After you have finished paying off your loan, the Square Loans team will discharge the secured interest. If you have completed paying off your loan, yet find that the secured interest has not been discharged, you can contact the Square Loans team with a request to remove the registered secured interest. Please note that we only file secured interests on loan amounts above $75,000.
Sometimes, institutions may not successfully discharge a previous registered secured interest on the Personal Property Securities Register (PPSR). If you are unsure, best practice is to reach out directly to the secured party for confirmation.
Square does not ask for a personal guarantee on your loan.